Games-as-a-service refers to a monetization model in which the game is developed and released as a continually evolving service, rather than a one-time product. The game receives ongoing support from developers over years, and generates revenue through subscriptions or in-game purchases.
This business model has become the new standard for AAA gaming studios. Some games are even released for free to capture the largest player base possible, despite potentially operating at an initial loss.
However, over time, many gamers have become familiar with predatory pay-to-win mechanics and loot box gambling. Many players have grown weary of companies that favor high-spending players, or 'whales,' over their free-to-play audience.
source https://www.gamesindustry.biz/the-overlooked-keys-to-launching-and-sustaining-games-as-a-service